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Cryptocurrency News Articles
Bitcoin (BTC) Price Breaks Above $65,000, Signaling the Start of a New Bull Market
Oct 14, 2024 at 09:24 pm
Bitcoin is showing strong bullish signs, breaking above the $65,000 level. This suggests the start of a new bull market.
Bitcoin price showed strong bullish signs on Monday, breaking above the $65,000 level and suggesting the start of a new bull market. After dropping to a low of $59,800 last week, BTC rebounded and began climbing higher.
Traders are keeping a close watch on the $65,000 mark, widely believed to be a pivotal level that will determine the market’s future direction. According to the latest market data, there is growing confidence among traders that Bitcoin is finally set to make a sustained breakout.
Despite nearly eight months of consolidation, BTC appears to be gathering strength, with analysts pointing to increasing buyer activity as a potential signal. At the time of writing, Bitcoin had reached $65,186 before settling around $64,990.
This push towards higher levels is being monitored closely, as it could lead to Bitcoin retesting its previous all-time highs. Several factors are influencing Bitcoin’s performance, including the start of the earnings season, which is a key event that traders are watching.
Moreover, Bitcoin’s price is continuing to be linked to shifting expectations regarding global interest rate cuts. Furthermore, the US Presidential Election, which is still up in the air, adds to the uncertainty in global financial markets, and could potentially impact Bitcoin’s direction in the coming weeks.
Retail interest in Bitcoin remains relatively subdued compared to previous bull cycles. This time, institutional players, such as ETF investors, are largely driving market activity.
However, last week’s mixed ETF flows suggest a more cautious sentiment among these investors, contrasting with the retail-driven bull runs of previous years.
Short Liquidations Add to Bullish Momentum
Another factor influencing Bitcoin’s performance is the liquidation of short positions. Following BTC’s recent price surge, nearly $100 million in short positions across various cryptocurrencies were liquidated.
According to data from CoinGlass, the total liquidations over the past 24 hours have amounted to over $180 million. This indicates that bearish traders may have misjudged the market, leading to a significant unwinding of positions.
Bitcoin’s price has been consolidating for several months, experiencing both steady gains and pullbacks. However, with the $65,000 resistance level breached, many traders are now looking for a sustained breakout.
The focus is on whether Bitcoin will hold its current value or push even higher in the coming days. The information presented in this article is for informational and educational purposes only.
The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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